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Sebring Company reports depreciation expense of $58,000 for Year 2. Also, equipment costing $194,000 was...

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Accounting

Sebring Company reports depreciation expense of $58,000 for Year 2. Also, equipment costing $194,000 was sold for a $6,800 gain in Year 2. The following selected information is available for Sebring Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. At December 31 Year 2 Year 1 Equipment $ 700,000 $ 894,000 Accumulated Depreciation-Equipment 500,000 590,000

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